Connecting With The Most Powerful Consumer Generation — The Millennial
The health of the American economy rests in the hands of consumers in their prime spending years. Their attitudes, behaviors and spending habits are reflective of their formative years, and are shaped by political, econonmic and social climate for that time period.
For marketers, Millennials are the most important generation to come along in the past 100 years — perhaps ever. Today, the Millennial generation is the largest consumer group in U.S. history, and it continues to grow in size because of the increase in immigration. Millenials were born starting in the year 1980, so they are now approaching the age of 40.
What Does The Modern Millennial Look Like?
- The Are Connected. Millennials have information at their fingertips due to their dependence on smartphones.
- They Are Smart. Millennials are the most educated generation to date since more than 63% have a bachelor's degree. They account for 70% of the economy.
- They Are Diverse. In 2014 the U.S. Census Bureau report that minority ethnic groups accounted for 50.2% of all Millennials.
- They Move Up Or They Will Move Out. Millennials are not willing to stick around if they do not believe they can grow in their jobs.
- They Are A Powerful Force. Millennials comprise the largest generation in the current workforce, they are projected to account for 70% of the workforce by 2025.
- They Are The Worst Paid. Due to being on the tail end of the 2008 Great Recession, Millennials have been relunctant to spend their money and instead are turning to services that provide access to products withouth the burdens of ownership. Think Uber/Lyft instead of car ownership.
Take a look at the included graphics, below, to get a better feel as to how Millennials respond to promotional products. This will help you decide what to select for your promotional campaign when a Millennial is the targeted recipient.
— Courtesy of PPAI Exclusive Research, PPB 2017
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